Sean kindly shared his extensive knowledge of blockchain with me. Very informative for newbies to the topic of blockchain (like me), as well as to blockchain and technology enthusiasts, and business-minded people in general. Considering the inevitability that blockchain will eventually be integrated into so many aspects of our technologically-mediated lives, this episode is a ‘must-listen’.
“If we lived in a world where blockchain was around much earlier, we would live in a world where banks are very differently modeled. I think that banks still have a future. I think that financial institutions add value in many areas. But the very area where they are utilized the most is where they are least valuable. They should be adding value in ways that improve our wealth position, and that is certainly an area in which they can continue to play. But needing them for the conventional wallet-transfer-balance scenario is less important.”
“It is important to distinguish between intermediaries that add value and those that are there for the purposes of trust. If they are only there for purposes of trust, they are at risk of disintermediation. If they are an intermediary that is in some form a processor, someone that adds value to the process through the supply chain, that’s not a disintermediation scenario. … It does keep the actors in the supply chain more more honest due to the transparency that comes along with [blockchain technology].”